Davis new U.S. Bancorp CEO

MINNEAPOLIS -- Richard Davis has taken over as CEO of U.S. Bancorp, as part of a previously announced succession plan.

Davis, 48, had been president and chief operating officer of U.S. Bancorp (NYSE: USB), the parent of U.S. Bank. He will remain as president of the bank holding company and add the CEO title.

Jerry Grundhofer, 62, the former CEO, will remain as chairman of the company until Dec. 31, 2007.

Grundhofer, then CEO of Star Banc Corp., U.S. Bank's predecessor, hired Davis in 1993 to head the consumer banking operation in Cincinnati. Davis helped bring about several mergers that made U.S. Bank the sixth-largest financial holding company in the United States.

Davis remained based in Cincinnati after Star Banc became Firstar Corp., and moved to Minneapolis as vice chairman for consumer banking and payment services when Firstar merged with U.S. Bancorp. He remains on the board of the National Underground Railroad Freedom Center.

Prior to joining Star Banc, Davis was executive vice president of Bank of America (NYSE: BAC) and Security Pacific. He earned a bachelor's degree in economics from California State University.